Business Insurance Users

Assessing the Different Sources of Risk

Assessing the different sources of risk must be one of the steps you take when you set up a new company in the UK. All companies are at risk in some way or another. It may be from forces you can control or forces outside the company but there will always be things that you need to protect against and if you fail to do so there will always be a high chance of commercial failure. Before you launch your company be sure that you have made a realistic workplace risk assessment and come up with an insurance plan that meets it comprehensively.

The Main Risks Facing You

The risk assessment for each company will be different depending on the actual company you run and the location of the business. There are, however, a few things that will apply to just about every company in the UK. Liability cover, for example, is needed to protect against claims for damages that are made by either employees of your company, the general public or your customers. Though it varies depending on the size of the business and the kind of workload your staff have, it is highly likely you will be required to have some of this by law.

Say for example, you run a restaurant. This will require all three forms of liability cover as you have a number of staff working in busy conditions, carrying hot, at times heavy, material and you have members of the public and customers who are engaging physically with your product. Even if you have a well trained staff and a solid health and safety set up, accidents may still occur and if they do you could find yourself in big trouble. This is where a liability insurance policy will come into play, paying out to cover a claim against you.

To work out the other risks that face the company you need to look at the way your business works and how things could go wrong in a way that causes you problems. For example, if you have any kind of company cars you will need auto insurance to cover them. This cannot be done with a normal personal car policy as it does not take into account the important issues related to business driving. For example, if you are carrying company equipment in your vehicle and it is damaged the repair or replacement of it will require specific cover on your car policy.

Another thing to consider is the protection of any staff that travel abroad on business trips. If you have staff regularly meeting clients in foreign countries you will need to think about insuring their trips. There are all kinds of options in this area so take some time to consider the nature of their travel and how it can be provided for. Do they carry a lot of company cash or equipment with them? If so you need to provide for its replacement should it be stolen or damaged abroad.

Insurance is all about taking care of those many risks which could harm your company in the long run. Though the premiums may seem like an extra expense at the start-up point these will protect you against much higher financial drains should the worst happen. That's why assessing the different sources of risk will be so important to keeping your business safe. Make a realistic risk assessment and then begin your budget for insurance that will match it. Doing this will help you stay safe and keep your company running efficiently.

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